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MECHANICSVILLE, Va. -- Israeli company Gmul Energy has purchased a majority ownership in GPM Investments, the parent company of Fas Mart and Shore Stop convenience stores along the East Coast. Gmul will own 51 percent of the company; 33 percent will remain with GPM and another 16 percent of shares
will be public.
"We don't anticipate any changes with the new ownership," Dave McComas, president and CEO of Fas Mart/GPM Investments, said about the day-to-day
operations of the business. "The new parent company has experience in retailing, which we feel could be a real positive for the business. The company is very focused on growth and its intention is to eventually take
the company public."
McComas told CSNews Online that he does not anticipate any changes in management and/or strategic direction at this time as a result of the acquisition. It is entirely a structural and ownership control change, he
GPM Investments LLC is a convenience store chain headquartered near Richmond, Va., that operates more than 153 convenience stores in Virginia, Maryland, Delaware, Connecticut, Rhode Island and North Carolina. The company operates under the highly recognizable Fas Mart brand in Virginia and New England and the equally strong Shore Stop brand in the eastern shore of Maryland and Virginia, and Delaware.
Earlier this month, Israeli businessman Levi Kushnir, the controlling shareholder in and chairman of Nechushtan Investments Ltd. and Tadiran Ampa Ltd., purchased 51 percent of the share capital of Gmul Energy Ltd. from
Gmul Investment Co. Ltd. controlling shareholders Amnon Barzilai and Eyal Yona for $27 million, reported Globes Online.
At the time, Kushnir told Globes Online, "I think we made an excellent deal with the acquisition of U.S. gas stations. If the chain, which was once on the verge of bankruptcy, has reached an EBITDA of $8 million to $10 million two years later, this is an excellent situation
indicating the capabilities of its management. We're going to pay full attention to GPM. The agenda will include the acquisition of another chain and going public in the U.S. The energy sector is very hot, and it's
possible to obtain excellent values for companies in it. That's definitely an option."